Yes, thats what Amit Varma has likened has likened the much hyped China Vs. India economic duel and refers to a [column] penned by Shankar Acharya, the chief economic adviser to the Indian govt. Pay special attention to the table.
But, not to worry - the future is indeed colored saffron! James Waterton has made a case against China [here] and for India's cause [here].
Venus has an interesting post [here] on competing oil interests and how their lopsided economic status and differing foreign policies affect their run ins.
Atanu Dey, an economist who runs a fantastic blog on India's development, labels the Indian democracy a cargo cult democracy. To see what he means, go [here] and [here].
This ties in with the table you saw in Shankar Acharya's column that documents India's miserable socio-economic indices. Without carrying the people along, no country can make any progress, atleast progress that can be called progress. Flashy malls, booming IT sector are leaps but eventually they all are drawn back and move on an average with the slowest link - social development. Without progress in education, health care and other primary concerns India's development is largely still on paper. Atanu is bang on target when he writes "Democracy cannot work when the electorate is nearly totally uninformed, where there are strong vested interests, where the notion of accountability is non-existent, where voters can be intimidated and bribed, where the culture is steeped in feudalism, and where illiteracy, superstition and corruption is the norm."
I urge you all to subscribe to Atanu's feed, he writes with clarity, perspective and passion for India's development.